Tritech Financial Systems: Steering Toward Automated Policy Administration

Robert Symons, President, Tritech Financial SystemsRobert Symons, President
A well developed insurance sector is a boon for the economic development of a nation. Right from issuing a policy to settlement of claims, policy administration systems virtually connect all the functions of an insurer. Due to the convergence of aging legacy platforms, long product development cycles, complex market demands, and an increasingly mature vendor landscape, insurance companies are steering toward newer business models and requisite technologies to automate their insurance policy administration. Tritech Financial Systems, a provider of IT services and solutions for Property and Casualty (P&C) insurance industry, specializes in modernizing and consolidating legacy insurance solutions and creating risk adverse strategic architecture with its cloud based offering.

Tritech’s General Insurance Management System (GIMS) is a single platform with various modules for policy underwriting, billing, claims management, reinsurance, bureau filling, statistical financial reporting, third party interface, and web services. “Our platform automates all the facets of the insurance company’s information processes using a System Support Center (SSC),” says Robert Symons, President, Tritech. The SSC is built on a relational database, heeding clients’ needs, while allowing the staff to easily access their customers’ applications through secure authentication. The Client View database is constantly updated to cater to customer’s inquiries in real-time, keeping all the entered information fully inter-related to ensure smooth operation of the company’s information flow.

Tritech’s Document Management System encompasses all imported files, policies, applications, quotes, bills, cancellation notices, and renewals, allowing users to see the documents issued for a particular transaction. To speed up this management system, GIMS policy administration module supports the concept of a ‘Single Entry’ of information, eliminating redundancy and heavy paper-file dependency.

Our solution brings higher quality and accuracy to analyze marketing, as well as react to ‘Adhoc’ information requests

In addition, the subsequent transactions such as billing, statistical reporting, printing, and renewal are automatically scheduled to support all lines of business and document fulfillment.

In order to deliver the business agility and IT flexibility of Service Oriented Architecture, GIMS Web Services use XML, SOAP, and Microsoft .NET to enable insurance firms and field agents notify claims, enter policy payments and other critical business information in real time, at half the cost of traditional approaches. Tritech also provides a seamless and inexpensive Business Process Integration (BPI) solution that integrates business processes with IT functions to achieve a rapid return on investment, thereby reducing the dependency on consulting services. Symons further states, “Our solution brings higher quality and accuracy to analyze marketing, as well as react to ‘Adhoc’ information requests.” Tritech also specializes in providing a flexible Service Bureau option for companies that require outsourcing of all their data processing to a third party provider.

One of Tritech’s customers, Rural Mutual Insurance Company in Wisconsin, implemented GIMS for their Personal Lines, and gained efficiencies and better service to their agents and clients. Subsequently, the company decided to automate their commercial lines and farm portfolio by leveraging Tritech’s GIMS solution. “We helped our client to significantly reduce their operational costs, improve policy application processing, and eliminating redundancy,” states Symons.

Moving forward, Tritech is constantly working to enhance its solution to support more jurisdictions and insurance products. In addition, “We look to transform our solutions to keep pace with the evolving standards while maintaining flexibility and simplicity of use,” concludes Symons.